Copper Falls 0.6% as Traders Eye U.S.-Iran Talks, Fed Policy
Copper edged down 0.6% to $13,278.50 per ton as traders await U.S.-Iran peace talks and further Fed policy signals. Goldman Sachs remains bullish, raising its end-2026 copper price forecast to $13,735 per ton.
Copper fell 0.6% to $13,278.50 per ton on Tuesday as the market focused on upcoming U.S.-Iran peace negotiations and additional signals from the Federal Reserve. The metal is down 2.6% this month after hitting a record high in May.
Hawkish Fed expectations and a stronger U.S. dollar continue to weigh on base metals. Resilient U.S. economic data is expected to keep the dollar strong, adding further pressure to metal prices.
Goldman Sachs remains bullish on copper, citing support from electric vehicles, renewable energy, defense spending, and artificial intelligence investments. The bank raised its end-2026 copper price forecast to $13,735 per ton and its 2027 average forecast to $13,800 per ton.
Other base metals also declined: aluminum fell 2.9% and nickel dropped 2.3%, while zinc outperformed the group.
Source: First Squawk